Portland area home values climb $170K in six years
The price of owning a home in Portland has skyrocketed by about $170,000 in the past six years, according to a new report.
Real estate website Trulia calculated the median price tag for a home in Portland and its metro suburbs as $227,070 in 2012. By October 2018, that benchmark had jumped to $395,238 — a growth of about 75 percent.
"Million-dollar homes remain relatively rare, but widespread and robust home value growth — the typical U.S. home appreciated 7.6 percent over the past year, with many markets experiencing double-digit growth — is helping to quickly swell the ranks," economist Felipe Chacón wrote in a report for Trulia.
In the Portland metropolitan area, about 2.5 percent of the housing stock is valued at $1,000,000 or more, according to the report. That figure was pegged at 0.6 percent in 2012.
Rising affluence and restrictions on redevelopment have made made million-dollar homes less than shocking in the Rose City's neighbors to the north and south.
More than half the homes in the San Jose and San Francisco metro areas have median values priced above the million dollar mark, according to Trulia. In Seattle, it's 13.3 percent.
Many observers were stunned when a home in Seattle listed for just a grand under $300,000 recently. For context, the median home price within Seattle city limits has dipped to roughly $750,000.